The National Insurance Commission, NAICOM, has commended the leadership of the Senate and the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Adetokunbo Abiru, for the passage of the National Insurance Regulatory Commission Bill by the Senate.

NAICOM described the passage of the Bill as a major milestone in strengthening the regulatory framework of Nigeria’s insurance industry. The Commission said the legislation would enhance oversight, transparency and accountability in the sector.

According to NAICOM, the new law is expected to deepen public confidence in the insurance industry, attract investment and promote sustainable growth that will benefit policyholders, operators and the wider economy.

The Commission also acknowledged the commitment of the Senate leadership and Senator Abiru towards reforms aimed at modernising insurance regulation and advancing financial inclusion in Nigeria.

NAICOM said the passage of the Bill underscores the importance of strengthening the protection of citizens and promoting stability in the financial sector. It reaffirmed its readiness to ensure the effective implementation of the law once it is signed.

The Commission also pledged to continue working with relevant stakeholders to position Nigeria’s insurance industry as a catalyst for national development